Many analysts are anticipating a bull run for Ripple’s XRP which could lead to an exponential growth, giving Ethereum and Bitcoin a run for their money.
Several experts suggest that XRP’s potential price rally could be attributed to Donald Trump winning the US election, a political event that brought so much excitement to the cryptocurrency sector.
XRP: 700% Price Hike
Analysts said that XRP could be on the brink of a possible price rally based on historical price movement after an election.
They predicted that the price could skyrocket by 700% to about $4.89 per coin if history repeats itself.
Currently, the crypto is being traded at $0.6113 with a total market capitalization of $34.76 billion and a 24-hour volume of $2.82 billion.
Market commentators said that they believed that XRP would greatly benefit from positive sentiment brought by the upcoming administration of pro-crypto Donald Trump.
According to analysts, they see a potentially massive price surge for the digital currency because of the long-term pattern in its price movement and a possible repetition of the coin’s post-election trends.
However, some market observers decided not to disclose any price target for the anticipated XRP upsurge.
Meanwhile, other analysts suggested that the most optimistic forecast for a post-election surge would be a growth between 100% and 500%, saying that the XRP price would be somewhere between $1.22 to $3.67 per coin.
Historical Price Rally
Analysts studied the price movement of XRP in past US elections, saying that after the 2016 US election, the digital asset’s price went down in the next four months after the election poll.
They however noted that after the initial price dip, the altcoin had a massive price rally which propelled the coin to a whopping 60,000% and hit the all-time high of $3.31, an event which is not far-fetched at the moment.
If XRP would again surge by 60,000% after the election, it would reach the $367 level.
$XRP huge acceleration is coming
Look at the past elections and see what follows. pic.twitter.com/ufcqC8v5Y5
— Mikybull
Crypto (@MikybullCrypto) November 8, 2024
Likewise, in the 2020 election, XRP also experienced a huge price uptick of 177%, coincidentally in the same month as in the 2016 breakout before a correction was done in December.
New Record Highs Could Be Around The Corner
Crypto analyst Dark Defender suggested that starting November 24, XRP could experience a major bull run using Bitcoin’s historical patterns.
Another analyst, 360Trader agrees with Dark Defender on the bullish outlook for XRP, explaining that the coin’s extended price stability could fuel the rally.
360Trаdеr added that an indicator that XRP is building momentum for a bull run is the ongoing price stability.
Mikybull Crypto said that XRP is poised for another price upsurge, expressing his confidence in the prospects of the cryptocurrency following the notable price rallies during the previous elections.
Featured image from Pexels, chart from TradingView